Software crash moves risk where it shouldn’t be [Video]

Markets are wobbling again. Trump’s latest tariff shake-up has rattled both sides of the Atlantic, with European carmakers hit hard as the EU freezes ratification of last summer’s trade deal. At the same time, an extreme AI disruption scenario has shaken delivery and payment stocks — raising fears of mass white-collar job losses, collapsing consumption, and loan defaults.

But the real red flag may lie elsewhere: private credit. Software stocks still look like falling knives, and liquidity stress is emerging in the financing behind them. Blue Owl’s decision to halt redemptions and offload over $1 billion in software-backed loans raises uncomfortable questions about leverage, liquidity mismatch, and whether risk is quietly migrating through the financial system.

Meanwhile, gold regains safe-haven appeal, Treasuries see demand, oil climbs on geopolitical tensions, and energy stocks quietly outperform.